According to the report, the market for single phase transformers is expected to witness strong growth during the forecast period.

The key driving factors for the market are increasing demand for electricity worldwide and extensive applicability of these transformers in distribution of electricity. Rapid industrialization in emerging countries coupled with rapid expansion of electricity transmission network globally is likely to fuel the growth of the market for single phase transformers.

Moreover, these transformers have various safety advantages over liquid-filled transformers. Thus, single phase transformers are largely used in mining, marine, oil & gas and other industries, which have specific voltage requirements, owing to importance of fire safety in these sectors.

However, factors such as high cost of these devices and lack of government investment in grid stability are restraining the market growth to some extent.

Currently Asia Pacific is dominating the market for single phase transformer in terms of revenue, followed by North America and Europe. The major reason is attributed to increasing government investments and development of long-distance projects in Asia Pacific.

Developing economies such as China, India, Russia, Brazil and South-Africa are likely to be attractive market for single phase transformers.